The Lemon Fool

Clitheroekid wrote:And thanks are also due to Mr Justice Zacaroli, who had the courage and good sense to rule against a proposed restructuring plan for the first time in English legal history:

To be clear, it is was the first time a Part 26A restructuring plan was ruled against. Part 26A had only existed since since mid-2020.

Reading the latest RNS, the North Sea Transition Authority appears to have begun the process of knocking the nails into the coffin at Hurricane Energy. The gas flaring consent looks very precarious and effectively the proposed drilling of a third hole in the ground looks to be dead in the water. I expect the "for sale" sign to be seen soon if it's not already out there.

A shame the company was hyped to high heaven by Dr Trice who many of us believed in. But it turned out he was no better than the many other shysters who inhabit the AIM market.

Now I think, more than ever, it's going to be Richard Bernstein at Crystal Amber, who having already made a small fortune from trading HUR stock, is likely going to determine what happens next. Probably in agreement with Kerogen.

It's a very brave operator who buys Hurricane Energy as a going concern. My bet would be on a voluntary liquidation of the company once the operational economics go negative. By then, the company could have a decent pot of money to distribute to shareholders. Perhaps.

BullDog wrote: I expect the "for sale" sign to be seen soon if it's not already out there.

And sure enough, they've had an approach at a small premium which they've rejected in favour of an official sale process, with a capital return if that doesn't work out :

https://www.investegate.co.uk/hurricane ... 00080490F/

Hallucigenia wrote:

BullDog wrote: I expect the "for sale" sign to be seen soon if it's not already out there.

And sure enough, they've had an approach at a small premium which they've rejected in favour of an official sale process, with a capital return if that doesn't work out :

https://www.investegate.co.uk/hurricane ... 00080490F/

Don't need to know any more than this (below). It was obvious where this saga was heading. A tragedy that it's ended like this but once it became clear Dr Trice was a stranger to the truth it became inevitable. A sad story really.

Crystal Amber Fund Limited, which holds 28.9 per cent. of the Company's shares and is the Company's largest shareholder, has indicated to the Board its desire to monetise the value of its shareholding.

Death throes of Hurricane Energy not a pretty sight. So much promise, so little delivered, much money lost. From malcysblog.com today -

Sooner rather than later I hope that we will all be put out of our misery by the ongoing mess that Hurricane has become. Word is that potential bids are few and far between so maybe the best bet is to give the money back to the shareholders, they must be able to do better than the management…..

BullDog wrote:Death throes of Hurricane Energy not a pretty sight. So much promise, so little delivered, much money lost. From malcysblog.com today -

Sooner rather than later I hope that we will all be put out of our misery by the ongoing mess that Hurricane has become. Word is that potential bids are few and far between so maybe the best bet is to give the money back to the shareholders, they must be able to do better than the management…..

So, Hurricane Energy is being sold to that well known energy company, Prax Exploration & Production PLC.

What an undignified end and what might have been. Quite sad.

A real shame for all the investors past and present. For me it was a valuable lesson in listening and watching ceo 's and members of the board look you in the eye and lie knowingly. I'll always play devils' advocate from now on.....

The deed is done. Hurricane Energy is now just an operation of a company called Prax. Hurricane Energy's website now just redirects to prax dot com.